Matz Hints At 'Significant' Changes In Corp. Proposal
ALEXANDRIA, Va.-Although at press time the agency was not releasing details, NCUA Chairman Debbie Matz has indicated there will be "significant changes" in the corporate rule unveiled at its April 21 open board meeting. Based on the 227 comment letters received, "NCUA's policy staff are now working diligently to draft potentially significant changes from the proposed rule that we released for comment last November," Matz said.
One California CU Does Very Well In Real Estate
GLENDALE, Calif.-California CU has agreed to buy back its headquarters-which it sold just five years ago to a now-troubled real estate investment company-for a cool $11-million profit. Under the terms of the deal, the $1-billion CU is purchasing for $33.8 million the property it sold in 2006 in a sale and leaseback for $45 million. In addition to the CU, other tenants include employment firm Manpower Inc., radio stations KLLA and KFSH, a handful of law firms, and State Farm Insurance. MPG is controlled by troubled Los Angeles real estate conglomerate Maquire Properties. MPG also is seeking to renegotiate loans on two downtown Los Angeles skyscrapers.
Cherry Blossom Race Raises $500K-Plus For Children
WASHINGTON--The credit union-sponsored Cherry Blossom Ten Mile Run raised more than a half-million-dollars for Children's Miracle Network. For details, see page 27.
Banks Dismissed From Big Lawsuit
DALLAS-A federal court has granted motions made by Heartland Bank and KeyBank to dismiss civil suits brought against them by CUs and banks for their involvement in the 2009 Heartland Payments Systems breach. The two banks, merchant acquirers of the CU accounts processed by Heartland Payment Systems, asked the court to dismiss them from the suit because of a failure to state a claim. Some CUs and banks are continuing to pursue civil claims in the largest data security breach in history because they were unsatisfied with separate class action settlements Heartland Payments made with Visa and MasterCard issuers. Plaintiffs include: Pennsylvania State Employees CU, PBC CU, O Bee CU, Seaboard FCU and Lone Star National Bank.
Filene Seeking CUs For Project
MADISON, Wis.--The Filene Research Institute is planning for tax time-2012. Filene has formed a coalition that will establish savings groups for low-income individuals with plans to have operations in place by the 2012 tax seasion. "The Saver's Credit, the Earned Income Tax Credit and the refunds that taxpayers receive are all major contributors to the savings mix, so Filene convenes this group with an eye toward helping taxpayers preserve as much of their refund as possible," Filene said, adding it is seeking additional participants.
For info: http://filene.org/blog/post/SCPN.
It's 'Scan To Win' In CU Contest
EUREKA, Calif.--Coast Central CU here has created its own QR Code and is inviting the public to scan it to win a weekly prize. QR (for Quick Response) Codes can be scanned using PDAs and cellphones to get information quickly.
For info: www.coastccu.org/scan.
NCUA Opinion On Referrals
ALEXANDRIA, Va.-In a new legal opinion, NCUA said a loan officer who has disapproved member loans may not earn a fee by referring those members to a mortgage broker because it is a conflict of interest.
Discover Enters P2P Arena
RIVERWOODS, Ill.-Discover Financial Services is getting into P2P with PayPal. Discover plans to release Money Messenger, a service based on PayPal technology that lets the company's cardholders send money to anyone, including non-cardholders.